Forum Highlights New Technology and Financing for Future Energy

ASTANA, KAZAKHSTAN Officials from the Central Asian Regional Economic Cooperation (CAREC) countries, experts from international financial institutions, and private sector representatives gathered today for a 2-day forum in Astana to discuss financing and leapfrogging technologies for the region to tackle climate change.

The second CAREC Energy Investment Forum, which seeks to increase investment in clean energy in the CAREC countries, is jointly organized by the Government of Kazakhstan's Ministry of Energy and the Asian Development Bank (ADB) within the framework of the EXPO 2017 international exhibition: Future Energy.

Central Asian economies identified energy infrastructure investment needs of $93 billion to 2023. The countries also face an urgent need to invest in climate-resilient infrastructure and clean energy sources. Close collaboration among the governments, development partners, and private sector is vital to mobilize resources and support green economic growth in the region, said Sean O'Sullivan, ADB's Director General for Central and West Asia.

The main topics that will be discussed at the Forum include how developing countries can lead the world to a fossil fuel free future by leapfrogging technologies, attract private sector financing for these projects, ways to innovative financing, vision for future of energy by multilateral donors, and credit enhancement options offered by export credit agencies and export-import banks. Participants will also share experiences on securing financing for energy projects, including renewable energy opportunities in Pakistan, solar manufacturing in Kazakhstan, and a case study from the People's Republic of China (PRC) on attracting investment through green financing platform.

The CAREC Program is a partnership of 11 countries Afghanistan, Azerbaijan, Georgia, the PRC, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan supported by 6 multilateral institutions, working together to promote development through cooperation. CAREC helps Central Asia and its neighbors realize their significant potential by promoting regional cooperation in four priority areas: transport, trade facilitation, energy, and trade policy.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.